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On Apr 28 2020 / by Wyoming Paul

5 ways to supplement your income through the sharing economy

Outside-the-box thinking makes it easy to earn extra money on the side

If you're interested in a new side hustle and some extra income, the sharing economy is a great place to start.

At the moment, people are looking for more affordable ways to travel and buy, while also being extra-conscious of supporting their local communities and neighbours - and that’s exactly what the sharing economy is all about.

For those open to trying new things, here are four ways to make extra income through the sharing economy.

1. Share your car park

If you want extra income with little or no effort, why not share any unused parking space on Parkable? This could be your driveway, a workplace parking spot, a vacant commercial property, or any other space you have where a vehicle can park. To find out how much you could make through park sharing alone, click here.

2. Sell what you don’t need

If you’re short on cash and have realised that you don’t need that third winter coat or second guitar, it’s the perfect time to pop it on sale. Buying second hand is rising in popularity as people want to save money and reduce consumption of new products. In New Zealand that generally means TradeMe while in Australia Gumtree is the way to go, but you can also try local second-hand stores like Recycle Boutique, specialist online marketplaces like The Closet, or if you're after a declutter rather than extra income, simply donate unwanted items to your closest charity store.

3. Rent out what you still want

So many of us own things that we only use a few times a year - if that. It might be your powertools, mountain bike, surf board, or digital camera... And chances are, someone else could use what you're keeping in a cupboard or at the back of the garage.

In New Zealand you can download the Mutu app to rent or lend basically anything. Australian equivalents include website Hire Things and Gecko.

If what you want to rent out is a car, check out My Car Your Rental in NZ or Drive My Car in Australia.

4. Online jobs

While not part of the sharing economy, what kind of ‘making extra income’ blog would this be if it didn’t mention the work opportunities made possible nowadays by digital platforms?

Looking for online contract work can be a great way to fill in the gaps. Platforms like Upwork and Fiverr connect people around the globe with freelance jobs, both short and long-term, and have plenty of opportunities - there are over 27,000 design jobs on Upwork alone. With categories spanning from development to writing to accounting and administration on Upwork, and jobs in hospitality, healthcare, warehousing and business support advertised on Sidekicker, there’s something for almost everyone.

If you aren’t sure how to get started or want some advice, have a search on social media for a support group or forum in your industry. For example, for women there are groups like Women in Business New Zealand, which is a great place to make connections and see what other people are doing.

5. Rent out unused living space

If you have a spare bedroom or unused property, why not list it on Airbnb or local platforms like Bookabach (NZ) and Stayz (AU)? While international travel is less of an option, more people are exploring their own backyard and travelling domestically. Plus, more affordable options like Airbnb are definitely attractive when people are looking to save on their holidays.

Support local

The wellbeing of our communities and the persistence of local businesses continues to be top of mind. Let’s keep supporting local, whether that means ordering our takeaways from small businesses, getting our books, clothes, and other supplies from the store down the road, or giving to local charities when we can.

For all of you who continue to support Parkable and the local hosts who share their space with us, a big thank you - we wouldn't be here without you!

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